3. At an effective annual interest rate of i, where i >0, each of the following two sets of payments has present value K. A payment of 121 immediately and another payment of 121 at the end of one year. A payment of 144 at the end of two years and another payment of 144 at the end of three years. Calculate K. (a) 237 (b) 232 (c) 227 (d) 222 (e) 217